The 'Big Short' investorMichael Burryon Sunday said the market has delivered its verdict on Big Tech's artificial intelligence (AI) spending, with investors increasingly favoring companies showing stronger returns over larger capital commitments.
《大空頭》投資者Michael Burry周日表示，市場已對大型科技公司的人工智慧（AI）支出作出裁決，投資者日益青睞那些展現出更高回報、而非投入更多資本的公司。
Biggest AI Spenders Lose Favor
AI支出最多的企業失寵
According to a Bloomberg chart shared by Burry on X, Wall Street has pulled back from many of the technology companies committing the most capital to AI, withGoogleparentAlphabet Inc.(NASDAQ:GOOG) (NASDAQ:GOOGL),Amazon.com Inc.(NASDAQ:AMZN),Microsoft Corp.(NASDAQ:MSFT),Meta Platforms Inc.(NASDAQ:META) andOracle Corp.(NYSE:ORCL) all underperforming the broader market since the start of June.
根據Burry在X平台上分享的一張彭博圖表，華爾街已從許多在AI領域投入資本最多的科技公司撤資，自6月初以來，Google母公司Alphabet Inc.（納斯達克:GOOG）（納斯達克:GOOGL）、亞馬遜公司（納斯達克:AMZN）、微軟公司（納斯達克:MSFT）、Meta Platforms Inc.（納斯達克:META）和甲骨文公司（紐約證券交易所:ORCL）的表現均遜於整體市場。
Alphabet has been the biggest laggard among the group despite having the highest projected 12-month capital expenditure. At the same time,AppleInc.(NASDAQ:AAPL) has outperformed the broader market with comparatively lower expected spending.
儘管Alphabet擁有最高的未來12個月資本支出預期，但在該群體中表現最為落後。與此同時，蘋果公司（納斯達克:AAPL）則以相對較低的預期支出跑贏了整體市場。
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Valuation Multiples Reflect Investor Skepticism
估值倍數反映投資者的懷疑態度
Another chart highlighted a reset in valuations across much of Big Tech, with forward price-to-earnings multiples forNvidia Corp.(NASDAQ:NVDA), Microsoft, Amazon, Alphabet and Meta falling from recent peaks as investors reassessed the outlook for AI spending.
另一張圖表突顯了大部分大型科技公司估值的重設，隨著投資者重新評估AI支出前景，輝達公司（納斯達克:NVDA）、微軟、亞馬遜、Alphabet和Meta Platforms的遠期市盈率已從近期高點回落。
"The market has voted and the results are clear," Burry said.
Burry表示：「市場已經投票，結果顯而易見。」
The market has voted and the results are clear. pic.twitter.com/Put0L55WsQ— Cassandra Unchained (@michaeljburry) July 27, 2026
市場已經投票，結果顯而易見。pic.twitter.com/Put0L55WsQ— Cassandra Unchained (@michaeljburry) 2026年7月27日
The shift in sentiment has also weighed on the broader Magnificent Seven trade, with theRoundhill Magnificent Seven ETF(CBOE: MAGS) falling 3.37% so far this year, compared with an 11.60% gain for theInvesco QQQ Trust(NASDAQ:QQQ).
這種情緒轉變也拖累了更廣泛的「美股七巨頭」交易，今年迄今Roundhill Magnificent Seven ETF（CBOE: MAGS）下跌了3.37%，而納指100ETF-Invesco QQQ Trust（納斯達克:QQQ）則上漲了11.60%。
COMPANY1 MONTHYTD1 YEARP/E (FORWARD)Alphabet Class ADown 9.59%Up 1.46%Up 66.03%22.624Alphabet Class CDown 9.16%Up 1.20%Up 64.97%22.676MicrosoftUp 3.56%Down 19.29%Down 25.52%19.724NVIDIAUp 6.09%Up 9.53%Up 17.02%23.585Amazon.comDown 3.34%Up 2.48%Down 0.29%27.397OracleDown 22.18%Down 41.24%Down 53.58%14.225AppleUp 18.20%Up 22.88%Up 55.58%34.843
公司1個月年初至今1年遠期市盈率Alphabet A類股下跌9.59%上漲1.46%上漲66.03%22.624Alphabet C類股下跌9.16%上漲1.20%上漲64.97%22.676微軟上漲3.56%下跌 19.29%下跌 25.52%19.724輝達上漲 6.09%上漲 9.53%上漲 17.02%23.585亞馬遜公司下跌 3.34%上漲 2.48%下跌 0.29%27.397甲骨文下跌 22.18%下跌 41.24%下跌 53.58%14.225蘋果上漲 18.20%上漲 22.88%上漲 55.58%34.843
Not Everyone Agrees With the Market's Verdict
並非所有人都認同市場的判斷
Burry's comments come after venture capitalistChamath Palihapitiyadefended Alphabet's increased AI spending following the company's latest earnings report and the stock's sharp selloff last week.
Burry的評論是在風險投資家Chamath Palihapitiya為 Alphabet 在最新業績發佈後增加人工智慧支出的舉措辯護之後發表的，此前該公司股價上周大幅拋售。
Speaking on the All-In Podcast, Palihapitiya said Alphabet's decades-long record of generating strong returns on invested capital warranted giving management "the benefit of the doubt" and called the company a "compounding machine."
Palihapitiya在「All-In Podcast」節目中表示，Alphabet 數十年來在投入資本上持續創造強勁回報的記錄，理應讓管理層「獲得信任」，並稱該公司為「複利機器」。
Price Action:Alphabet's Class A shares closed 0.65% higher at $319.74 on Friday and gained another 1.56% in premarket trading on Monday. Class C shares rose 0.24% to $319.09 on Friday before adding 1.51% in premarket trading.
價格走勢：Alphabet A類股周五收盤上漲 0.65%，報 $319.74，並在周一盤前交易中再漲 1.56%。C類股周五上漲 0.24%，收於 $319.09，隨後在盤前交易中又上漲 1.51%。 (Benzinga)